Indegene (INDGN) Q4 23/24 earnings summary

Executive summary

• FY2024 revenue rose 12.3% YoY to ₹25,896 million; adjusted EBITDA increased 28.1% to ₹5,817 million and PAT rose 26.5% to ₹3,367 million.

• Established Enterprise Commercial and Enterprise Medical Solutions grew 11% to ₹21,294 million; Omnichannel Activation and Others grew 18% to ₹4,602 million.

• IPO shares listed on NSE and BSE on 13 May 2024; management plans to use IPO proceeds to repay debt and pursue strategic growth investments.

Financial highlights

• Consolidated revenue from operations was ₹25,896 million versus ₹23,061 million in FY2023; adjusted EBITDA was ₹5,817 million versus ₹4,542 million.

• Adjusted EBITDA margin rose 280 bps to 22.5%; PAT was ₹3,367 million, up 26.5%, with a 13.0% margin versus 11.5%.

• Profit before tax rose 26.3% to ₹4,586 million; operating cash flow increased to ₹5,077 million from ₹1,302 million.

• Basic EPS increased to ₹15.19 from ₹12.03; cash and cash equivalents were ₹1,886 million at 31 March 2024.

• Exceptional items netted to a ₹24 million gain: ₹935 million gain from contingent-consideration remeasurement less ₹911 million goodwill impairment.

Outlook and guidance

• Management expects continued growth from digitization, client expansion, cross-selling and upselling, geographic expansion, and scaling nascent business verticals.

• Priorities include strengthening technology and GenAI capabilities, improving operating efficiency, and pursuing strategic acquisitions to expand solutions and fill capability gaps.

• IPO proceeds are intended to repay ₹3,934 million of 31 March 2024 debt, eliminating interest costs; management also plans to judiciously deploy liquidity for strategic acquisitions.

• The biopharma outlook cited 4.9% growth in 2024 and average growth of 5.8% in FY2025–FY2026, with drug approvals and launches expected to support recovery.